The bipartisan congressional committee that was working to cut $1.2 trillion in federal spending failed to reach a deal by its effective Monday deadline, prompting a debate over whether automatic cuts to defense and social programs will take effect in 2013 as planned. Some lawmakers said they would try to undo the automatic cuts, which Congress agreed to in August if the supercommittee were to fail. President Barack Obama said he would veto any such legislation. Now, Congress must decide whether to extend the payroll-tax holiday and unemployment insurance, two issues the supercommittee did not resolve.
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